The protection of insurance in the non-life field is also of major importance.
Two-thirds of the total non-life business, £750 million, is transacted overseas and earning a net benefit of £50 million a year.
At any given moment a non-life insurer has prospective and contingent liabilities of three kinds peculiar to insurance.
That is a major barrier to trade which the draft non-life insurance directive is intended to abolish.
Clearly, it would be a serious matter if all composite insurance companies were required to be split into separate companies for life and non-life insurance.
Who has told her that there is liberalisation in non-life insurance?
Political agreements were reached on public procurement (services), the third non-life insurance directive and the second diplomas directive.
Other directives are under negotiation, especially those seeking to provide freedom of services in non-life insurance and freedom of establishment in life assurance.
